Housing Development Corporation (HDC) on Tuesday stated that the corporation will move towards recovering indirect or direct damages incurred due to the recent settlement agreement drafted by the state over the Sea Life Global housing fraud.
In a statement released by HDC, both the state and HDC claimed that even though no negligence was present on their part, the agreement was formulated in an effort to reduce damages and establish justice for those suing Sea Life.
There are 203 individuals seeking reimbursement over the matter.
Moreover, HDC stated that it will attempt to recover its damages directly via Sea Life.
The government drafted the agreement on Monday, mandating state compensation to those who financed booking fees for the 3,000 housing units that Sea Life failed to erect in reclaimed suburb Hulhumale'.
The Dispute Resolution Division of the Civil Court ordered the implementation of the agreement late Monday.
According to the agreement, the state will reimburse the damages by utilizing the MVR 12 million owed to the company as a result of a settlement agreement during the rule of former president Abdulla Yameen Abdul Gayoom.
The agreement awarded Sea Life the large sum of money due to the termination of a housing scheme initiated by former president Mohamed Nasheed in 2011.
Additionally, the Managing Director of Sea Life Global, Ahmed Moosa Mohamed (Ammaty), fled Maldives after the case surfaced.
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